Question

"Arora buisness is a firm for the construction of a shopping mall." Identify this type of partnership​

Answer 1

Explanation:

HI

Similarly, Arora Brothers have come together to construct a particular Shopping Mall and after completing the construction, their partnership comes to an end. Therefore it is a particular partnership.

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Answer 2

Answer:

The three different types of partnership are:

• General partnership: General Partner: a partner that holds management responsibility. They are responsible for the operations of the business. Furthermore, general partners face unlimited liability – they are fully liable for the debts of the business. This means that their personal assets can be seized to settle debt obligations or lawsuits.

• Limited partnership: Limited Partner: a partner with a financial stake in the business but no management responsibilities. Therefore, limited partners cannot be held personally liable for the debts of the business, as they do not actively manage it. The most a limited partner can lose is their investment in the business. Essentially, limited partners are most like shareholders of a corporation.
• Limited liability partnerships: Limited liability partnerships (LLP) are an extension of a GP. An LLP is essentially a GP where all partners are protected from the actions of other partners. Essentially, all partners have limited liability. This is different from an LP where there must be at least one partner with unlimited liability.LLPs maintain their flow-through taxation status, which makes them very similar to limited liability companies (LLC).While LLPs may seem enticing compared to GPs and LPs, some states restrict them to certain professions. These professions include lawyers, doctors, and accountants. Therefore, a business owner may not always be able to create an LLP.

Explanation:

A partnership is a type of business where two or more people establish and run a business together. There are three main types of partnerships: general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP).

One of the biggest benefits of this business arrangement is that it is a flow-through entity. Therefore, any income generated in a partnership is treated as the personal income of the partners. This means it is only taxed once. In contrast, owners of a corporation face double taxation. This is because the corporation’s income is taxed once, and then the owner’s personal income is taxed again. Partnerships are one of many business types. Other business types include sole proprietorships, limited liability companies (LLC), and corporations.